PTA: WEAK STILL

The overall price of the polyester industry chain consolidated at a low level, with TA's center of gravity shifting downward, while EG/PF performed strongly. EG's current fundamentals are slightly tense, mainly due to the unstable start-up of equipment under the dual control policy of Northwest coal chemical companies, and the low level of its own social inventory has led to an increase in overall flexibility. The terminal industry chain still needs time to recover. Weaving machines and printing and dyeing have not yet received large orders. Therefore, everyone is not enthusiastic about stocking. The profits of the entire industry chain are gradually transferred from the upstream to the downstream. You can continue to hold long PF and short TA position. 

PTA: Basis stays at -65¥/ton,and monthly differences continue to be weak. On the supply side, the installation start-up increased slightly to 80%. But polyester production rate is still low at 86%. Terminal weaving, printing and dyeing orders are sluggish, and the production and sales of filaments during the week are weak. Except for Monday’s promotion, the usual production and sales are only 20%. Therefore, it is difficult for the polyester factory to have stockpile demand. There are 67,000 warehouse receipts on the 09 contract waiting to be cancelled, and the spot pressure However, PTA will continue to be weak.

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